Dubai: The Dubai government said on Tuesday it expects just 8 per cent of the Dh51 billion in forecasted state revenues for 2019 to come from oil income.
A statement announcing the government spending plan for this year said that the reduced reliance on oil income boosts Dubai’s financial sustainability and is in line with strategies over the past decade to generate other revenue streams besides oil.
Dh56.8BDubai's budget for 2019
The government said that it expects tax income to account for 25 per cent of its revenues for 2019.
Meanwhile, non-tax income will account for 64 per cent of the total income, while returns from government investments will account for 3 per cent of the total.
22%of Dubai's 2019 budget of Dh56.8 billion earmarked for safety, security, and justice to ensure the emirate remains a preferred destination for tourists and job hunters.
As for spending, Dubai said that it plans to allocate 22 per cent of its Dh56.8 billion budget for 2019 to safety, security, and justice to ensure the emirate remains a preferred destination for tourists and job hunters.
Another 5 per cent of total government spending will go to innovation and scientific research, while 33 per cent of the budget will go to social development, including health, education, housing, women and child care, sports development, and initiatives to encourage reading, coding and prepare young people to be software developers.